Wealthy Americans flock to Swiss banks amid “de-Americanization” of portfolios

A rising number of affluent Americans are turning to Swiss banks to diversify their wealth and hedge against perceived risks in the US, part of what some financial experts describe as a growing “de-Americanization” trend among high-net-worth investors.

Swiss financial institutions report a notable uptick in account openings by US citizens in recent months, driven by a mix of financial, political, and strategic motives, Caliber.Az reports via foreign media.

“It comes in waves,” said Pierre Gabris, CEO of Alpen Partners International, a Swiss financial consulting firm. “When [former President Barack Obama] was elected we saw a big wave. Then Covid was another wave. Now tariffs are causing a new wave.”

Gabris noted that motivations vary widely among clients. Some are seeking to move assets away from the US dollar, fearing its potential decline amid growing national debt. “Many Americans are realizing that 100 per cent of their portfolio is in US dollars so they’re thinking, ‘Maybe I should diversify,’” he said.

Switzerland’s neutral political stance, economic stability, strong currency, and robust legal infrastructure make it a particularly attractive destination for investors looking for a financial “Plan B.” Some are also pursuing property purchases, second citizenships, or physical gold holdings, capitalizing on Switzerland’s reputation for secure gold storage and refined infrastructure.

Others are reportedly driven by political concerns and a growing belief in a weakening rule of law under the Trump administration. “It’s a plan B,” Gabris emphasized.

Opening a Swiss bank account today is far more transparent than in decades past, with strict compliance to US disclosure and reporting requirements. Major US banks cannot directly open Swiss accounts for clients but often refer them to Swiss firms registered with the US Securities and Exchange Commission (SEC).

Vontobel SFA, widely regarded as the largest Swiss bank registered with the SEC for US clients, declined to comment. However, Pictet, a major Swiss private bank, confirmed a “significant uptick” in requests from American clients through its SEC-registered entity, Pictet North America Advisors.

What was once seen as a covert tactic is now a regulated and increasingly mainstream strategy for wealth diversification among America’s elite.

By Vafa Guliyeva